Thursday, January 12, 2012

The AP system and Proton







Khazanah wants to dispose of the headache from their failed sayur project . After spending about RM150 million, they will be lucky to get back 20% or 30% of their total investment costs.



In the same way, they may dispose Proton (a RM3.29 billion company) to Nadzmi at a fraction of the company's value. That will make Proton financially viable for Nadzmi.



Then to make the business also viable, Nadzmi will ride on the AP crutches, on the Import Duties, Excise Duty and Other Taxes which inflates the prices of other imported cars in the country to survive for how many more years?



So it is us the suffering taxpayers who will be keeping Nadzmi in the money. If Khazanah sells their stake to Nadzmi at 'besi buruk' prices it is us the taxpayer who suffers the loss. It is our money that will be given to Nadzmi.



Step 1 : he will buy Proton cheap. Step 2 : he will enjoy the AP and import duty crutches. Then make an extra RM400 to RM500 million profit (Nadzmi's so called low hanging fruits) and you and me will have to pay 3 or 4 times the price for tin can cars.



Here are some numbers folks. I now have an AP in front of me. It is a real AP. Someone bought a recond car recently (UK car). The 'franchise AP' guys let us have the AP and the Customs documents. I am reading straight from the Customs Documents:



The nilai or value of the car is RM48,000.00



Import Duty RM14,000.00



Excise Duty RM65,000.00



Other Taxes Payable RM13,000.00



Subtotal RM140,000.00



Then on another page, there is a chop which says



Manifes / AP telah disemak di Pelabuhan Klang. The car dealer said this is the AP. The amount paid was RM15,500.



This makes the landed cost of the 5 year old recond car = RM140,000 + RM15,500 = RM155,500.



Please note now the first line above ie the 'Nilai or value' of the car is RM48,000. From RM48,000 the cost of the car has now ballooned to RM155,500.



The AP holder made RM15,500. The Gomen made RM92,000. (The AP holder's name is clearly written on the AP that I have in front of me. It says 'Dato Hj xxx bin Tan Sri yyy.)



Tapi nanti dulu. What about the show room selling price of the car?



The dealer sold the car for RM240,000. So the car dealer made a profit of RM85,000.00. A 5 year old car with a value of RM48,000 (in the UK) sells here for RM240,000. Bodohnya orang Malaysia.



These are all part of the low hanging fruits that will keep Nadzmi in the money - if he buys Proton.



And lets not forget the AP Kings who still own their helicopters and their villas and have personal networth's in excess of RM2.0 billion. One guy flies in an Australian music band to play live music for his dinner guests.



I heard it directly from a Dep Minister that 'the AP is designed so that our businessmen can take the money they earn from the APs & venture into other businesses, but they are not doing that'.



Bro, if I can make such easy money from APs and buy my own helicopter, build my own villa and fly in my own music band from Australia, then why the hell would I want to venture into any other business?



Here is a silly question : can anyone answer who pays for these AP Kings to make so much money, own helicopters and fly in Australian music bands? You and me folks. Kita jadi dunggu.




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